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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Feb. 29, 2020
Nov. 30, 2019
ASSETS    
Cash and cash equivalents $ 1,052,482 $ 1,445,996
Restricted cash 22,560 22,695
Receivables, net 674,077 906,877
Inventories:    
Total inventories 19,000,531 18,091,614
Investments in unconsolidated entities 1,942,541 1,973,913
Goodwill 3,657,875 3,657,875
Other assets 1,336,905 1,245,391
Total assets [1] 29,173,699 29,359,511
LIABILITIES AND EQUITY    
Other liabilities 3,859,494 3,751,985
Total liabilities [2] 12,980,322 13,325,681
Stockholders' equity:    
Preferred stock [2] 0 0
Additional paid-in capital [2] 8,609,944 8,578,219
Retained earnings [2] 8,654,213 8,295,001
Treasury stock, at cost; February 29, 2020 - 23,400,879 shares of Class A common stock and 1,819,826 shares of Class B common stock; November 30, 2019 - 18,964,973 shares of Class A common stock and 1,704,630 shares of Class B common stock [2] (1,253,756) (957,857)
Accumulated other comprehensive income [2] 452 498
Total stockholders’ equity [2] 16,044,599 15,949,517
Noncontrolling interests [2] 148,778 84,313
Total equity [2] 16,193,377 16,033,830
Total liabilities and equity [2] 29,173,699 29,359,511
Class A Common Stock    
Stockholders' equity:    
Common stock [2] 29,802 29,712
Class B Common Stock    
Stockholders' equity:    
Common stock [2] 3,944 3,944
Homebuilding    
ASSETS    
Cash and cash equivalents [1] 784,950 1,200,832
Restricted cash [1] 8,666 9,698
Receivables, net [1] 311,817 329,124
Inventories:    
Finished homes and construction in progress [1] 10,110,009 9,195,721
Land and land under development [1] 8,116,047 8,267,647
Consolidated inventory not owned [1] 417,424 313,139
Total inventories [1] 18,643,480 17,776,507
Investments in unconsolidated entities [1] 946,716 1,009,035
Goodwill [1] 3,442,359 3,442,359
Other assets [1] 1,061,852 1,021,684
Total assets [1] 25,199,840 24,789,239
LIABILITIES AND EQUITY    
Accounts payable [2] 1,180,708 1,069,179
Liabilities related to consolidated inventory not owned [2] 365,284 260,266
Senior notes and other debts payable, net [2] 8,115,498 7,776,638
Other liabilities [2] 1,733,605 1,900,955
Total liabilities [2] 11,395,095 11,007,038
Financial Services    
Inventories:    
Total assets [1] 2,375,564 3,006,024
LIABILITIES AND EQUITY    
Total liabilities [2] 1,358,723 2,056,450
Multifamily    
Inventories:    
Total assets [1] 1,113,903 1,068,831
LIABILITIES AND EQUITY    
Total liabilities [2] 201,992 232,155
Lennar Other    
Inventories:    
Total assets [1] 484,392 495,417
LIABILITIES AND EQUITY    
Total liabilities [2] $ 24,512 $ 30,038
[1]
Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.
As of February 29, 2020, total assets include $1.2 billion related to consolidated VIEs of which $12.9 million is included in Homebuilding cash and cash equivalents, $0.1 million in Homebuilding receivables, net, $104.4 million in Homebuilding finished homes and construction in progress, $292.5 million in Homebuilding land and land under development, $406.1 million in Homebuilding consolidated inventory not owned, $2.7 million in Homebuilding investments in unconsolidated entities, $7.3 million in Homebuilding other assets, $259.9 million in Financial Services assets and $74.2 million in Multifamily assets.
As of November 30, 2019, total assets include $980.2 million related to consolidated VIEs of which $15.5 million is included in Homebuilding cash and cash equivalents, $0.2 million in Homebuilding receivables, net, $97.5 million in Homebuilding finished homes and construction in progress, $283.2 million in Homebuilding land and land under development, $301.0 million in Homebuilding consolidated inventory not owned, $2.5 million in Homebuilding investments in unconsolidated entities, $10.0 million in Homebuilding other assets, $221.2 million in Financial Services assets and $49.1 million in Multifamily assets.
[2]
Under certain provisions of ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated VIEs and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.
As of February 29, 2020, total liabilities include $669.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $8.9 million is included in Homebuilding accounts payable, $353.5 million in Homebuilding liabilities related to consolidated inventory not owned, $68.3 million in Homebuilding senior notes and other debts payable, $8.9 million in Homebuilding other liabilities, $218.5 million in Financial Services liabilities and $11.3 million in Multifamily liabilities.
As of November 30, 2019, total liabilities include $549.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $13.7 million is included in Homebuilding accounts payable, $247.5 million in Homebuilding liabilities related to consolidated inventory not owned, $47.1 million in Homebuilding senior notes and other debt payable, $8.9 million in Homebuilding other liabilities, $231.1 million in Financial Services liabilities and $1.4 million in Multifamily liabilities.